EuroBiotech Report—Lundbeck, Pfizer ink deals; Confo, Promethera raise cash; and Bicycle

Map of Europe
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Welcome to the latest edition of our weekly EuroBiotech Report. We start this week with two takeovers involving European biopharma companies. Denmark's Lundbeck went across the Atlantic armed with $250 million (€223 million) to buy Abide Therapeutics for its phase 2a Tourette's syndrome program and West Coast research hub. Pfizer headed in the opposite direction, coming to Europe to buy Therachon and its short-limbed dwarfism drug for $340 million upfront. Elsewhere, European biotechs raised money from investors. Confo Therapeutics wrapped up a €30 million series A to take compounds targeting difficult-to-drug GPCRs into clinical development, while Promethera Biosciences raised €39.7 million to bankroll its NASH cell therapy plans. Bicycle Therapeutics hired clinical staff. And more. — Nick Taylor
 
1. Lundbeck strikes $250M Abide buyout, bagging Tourette's drug

Lundbeck is set to pay $250 million (€223 million) upfront to buy Abide Therapeutics. The deal will give Lundbeck a phase 2a Tourette's syndrome program, a central nervous system drug discovery platform and a West Coast research hub.
 
2. Pfizer agrees on $340M upfront to buy Therachon for dwarfism drug

Pfizer is set to pay $340 million (€304 million) upfront to buy Therachon for its treatment for a form of short-limbed dwarfism. The deal commits Pfizer to up to $470 million in additional milestones tied to the advance of the early-phase rare disease drug. 
 
3. Confo raises €30M series A round to target hard-to-drug GPCRs

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Confo Therapeutics has raised €30 million ($34 million) to take compounds targeting difficult-to-drug GPCRs into clinical development. The series A round sets Confo up to advance drugs derived from a novel way of stabilizing GPCRs and performing more sensitive screens.
 
4. Promethera raises €40M to fund trial of NASH cell therapy

Promethera Biosciences has raised €39.7 million ($44.4 million) to put its liver disease cell therapy through clinical trials. The series D round comes as Promethera prepares to start testing its lead drug in end-stage nonalcoholic steatohepatitis patients.
 
5. Bicycle hires clinical leader ahead of IPO-fueled pipeline push

Bicycle Therapeutics has hired clinical and program management leaders to support development of its anticancer candidates. The hires provide Bicycle with clinical trial expertise at a time when it is contending with the resignation of its chief medical officer. 
 
And more articles of note>>

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